**Summary of ActiveOps PLC Interim Results for H1 FY26 (ended 30 September 2025):**
**Financial Highlights**
**Revenue Growth** Total revenue increased by 45% to £20.8 million (H1 FY25: £14.3 million), with organic revenue growth of 31% to £18.7 million.
**ARR Growth** Annual Recurring Revenue (ARR) surged by 55% to £40.6 million (H1 FY25: £26.2 million), with organic ARR growth of 24%.
**Profitability** Adjusted EBITDA doubled to £2.0 million (H1 FY25: £1.0 million), and adjusted profit before tax rose by 40% to £0.7 million.
**Cash Position** Net cash and cash investments stood at £13.3 million, down slightly from £13.4 million in H1 FY25, despite £5.8 million spent on the Enlighten Group acquisition.
**Operational Highlights**
**Customer Growth** Secured five new customers (H1 FY25: three), with strong expansion in South Africa (up 86% to £1.3 million).
**Product Adoption** ControliQ Series 3 is now used by 33% of customers, and Series 4, launched in January 2025, is adopted by 14% of customers.
**Acquisition** Acquired Enlighten Group in June 2025, strengthening presence in North America and Asia Pacific, and adding £8.1 million to ARR.
**Net Revenue Retention (NRR)** NRR improved to 114% (H1 FY25: 108%), reflecting strong customer expansion.
**Strategic Developments**
**AI Integration** Continued focus on AI-driven insights and advanced capacity planning capabilities in software offerings.
**Leadership Appointments** Strengthened go-to-market and sales leadership with new Chief Revenue Officer and Group Head of Partners.
**Outlook**
**Strong H2 Expectations** Well-positioned for a robust second half, with full-year results expected to meet upgraded market expectations (£42.4–£45.0 million revenue, £3.4–£5.3 million adjusted EBITDA).
**Medium-Term Ambition** Aiming to become a £100 million ARR business with a 25% EBITDA margin.
**Executive Chair’s Commentary**
Richard Jeffery highlighted accelerated organic growth, increased customer acquisition, and major expansions, supported by continued profitability and cash generation. The company’s Decision Intelligence platform is driving operational efficiency for customers, with AI advancements ensuring long-term growth potential.
**Key Metrics**
**Revenue** £20.8 million (+45% YoY)
**ARR** £40.6 million (+55% YoY)
**Adjusted EBITDA** £2.0 million (+100% YoY)
**Net Cash** £13.3 million (-1% YoY)
**NRR** 114% (+6 ppts YoY)
**Conclusion**
ActiveOps PLC delivered a strong H1 FY26 performance, driven by organic growth, strategic acquisitions, and product innovation. The company remains debt-free with a robust balance sheet, positioning itself for sustained growth and value creation in the second half and beyond.
| Metric | H1 FY26 (£) | H1 FY25 (£) | Change | Notes |
|---|---|---|---|---|
| Total Revenue | 20.8m | 14.3m | +45% | Strong growth across all geographies, particularly South Africa (+86%) |
| Organic Revenue | 18.7m | 14.3m | +31% | Excludes revenue from Enlighten Group Pty |
| Software & Subscription Revenue | 15.3m | 13.0m | +18% | Continued expansion across regions |
| Training & Implementation (T&I) Revenue | 3.4m | 1.3m | +162% | Significant increase in T&I activities |
| Annual Recurring Revenue (ARR) | 40.6m | 26.2m | +55% | Strong overall ARR growth, including organic growth of 24% |
| Organic ARR | 32.5m | 26.2m | +24% | Excludes ARR from Enlighten Group Pty |
| Net Revenue Retention (NRR) | 114% | 108% | +6ppts | Healthy NRR driven by expansion within existing customers |
| Gross Margin | 84% | 84% | - | Consistent gross margin year-on-year |
| Adjusted EBITDA | 2.0m | 1.0m | +100% | Doubled due to strong revenue growth and cost management |
| Adjusted Profit Before Tax | 0.7m | 0.5m | +40% | Increased profitability despite acquisition costs |
| Net Cash and Cash Investments | 13.3m | 13.4m | -1% | Slight decrease due to acquisition of Enlighten Group Pty |
| Debt | 0 | 0 | - | Remains debt-free with robust balance sheet |